The median sale price of all condo and co-op sales in the borough reached $1.15 million in the fourth quarter, the highest in 27 years of record-keeping, according to a report by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.
Brooklyn Project
Xinyuan entered the New York market in 2012, with the purchase of a 2-acre (0.8-hectare) parcel on Kent Avenue in Williamsburg for $54.2 million, a deal the company said was the first of its kind by a Chinese firm in the U.S. Xinyuan expects to sell out the 216 units at Oosten, its seven-story project named for the Dutch word for east, by the end of the year, Liang said.
While Xinyuan prepares to build its Manhattan condos, the company will look for additional land-acquisition opportunities on the East Coast, according to Liang, who is also an architect.
Chinese purchases of New York real estate have surged in the past two years, with deals including Anbang Insurance Group Co.’s $1.95 billion purchase of the Waldorf Astoria hotel. Manhattan was the top U.S. area for Chinese commercial real estate investment in 2015, with $5.15 billion of transactions, according to research firm Real Capital Analytics Inc.